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VOL. 127 | NO. 106 | Thursday, May 31, 2012

Closing Bank Account Will Cost You, Group Finds

PALLAVI GOGOI | AP Business Writer

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It could cost as much as $55 to close your bank account.

That's the finding of the advocacy group Consumers Union. The group surveyed the 10 largest banks in the country, including JPMorgan Chase, Bank of America, Citibank and Wells Fargo.

It found that people who want to close their accounts at big banks and switch to a smaller bank can face costly obstacles.

Consumers Union says none of the 10 banks will make a same-day electronic transfer, and all 10 charge for wire transfers or certified checks. Certified checks can cost up to $10 and wire transfers $30.

US Bank, Citi, HSBC, BB&T and PNC Bank charge customers a $25 fee to close an account that has been open for fewer than 90 or 180 days.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 85 205 21,165
MORTGAGES 76 206 24,338
FORECLOSURE NOTICES 27 34 3,135
BUILDING PERMITS 183 321 43,755
BANKRUPTCIES 48 92 13,560
BUSINESS LICENSES 31 44 6,756
UTILITY CONNECTIONS 25 32 7,931
MARRIAGE LICENSES 22 41 4,775